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Income Tax Help, Income Tax Learning, Income Tax Saving

Retirements don’t come easy and zillion minutes goes by planning for the retirement. It becomes very difficult for people to save for their retirement because of the current needs and demand. Sometimes we worry so much about the future that we forget about our present and compromise on our current needs with the aim of saving some money for retirement. To ease our common worries about the future, the government launched the National Pension Scheme. What is the National Pension Scheme (NPS)? The National Pension Scheme was launched in 2004SEE DETAILS

Income Tax e-Filing, Income Tax Help, Income Tax Learning, Latest News

With the beginning of the new financial year, time for settlement of accounts and disclosing what one has earned in the previous year arrives. Such disclosure is required to be filed in the form of returns prescribed by Income Tax which are known as Income Tax Return (ITR) Forms. As always CBDT has notified the Income Tax Return forms for FY 2018-19( AY 2019-20). These ITR forms contain fields to furnish the relevant and required information. There are different ITR forms for different categories of taxpayers/ assessee/ user. In thisSEE DETAILS

E Verify
Income Tax e-Filing, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning

Process to download and send ITR-V to Income Tax Department – CPC The task of ITR just does not get over with submitting it successfully. It ends from your side after the verification of Income Tax Return has been successfully done. What is verification of Income Tax Return? After filing of the tax return Income Tax Department seeks from us the confirmation. It is generally for the purpose that the return has been filed as per our knowledge. No return is valid or processed at the centralized processing center, BengaluruSEE DETAILS

Income Tax Help

NPS subscribers who have registered on or after 1 July 2014 have to give a mandatory FATCA declaration online or offline. FATCA refers to Foreign Account Tax Compliance Act. It is a US initiative which has also been entered into by Indian government. Under this agreement, the Indian government needs to give details of all US citizens holding prescribed securities and assets in India. Why FATCA is important? FATCA is of vital importance because it was previously communicated that non-submission of this self-declaration will result in blocking of NPS account.SEE DETAILS

What is Rent Free Accommodation(RFA) and its Taxability
Income Tax Help, Income Tax Learning

What is Rent Free Accommodation (RFA)?RFA means house provided to you by your employer for residential purpose. Some employees get the facility of accommodation from their employer without any charge but in some cases it chargeable to some extent. Hence, in a simple way, RFA is a part of perquisites that are considered as additional benefits getting from your employer received in kind and it is taxable as per the provisions of Income Tax Act. What is the Taxability of RFA?Taxability of RFA is described in the following flow chart-SEE DETAILS

Income Tax Law
Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning

Income tax is part of the direct tax which is paid on the Total Income of the Previous Year of every person. In India Income Tax plays an important role in the revenue system of the economy. It is because of two reasons, firstly it is a flexible source of revenue to the Government of India and secondly, it can be helpful in bringing the equal status of the society(since there is a progressive system of tax in India).In this post, we will explain you the Components of Income TaxSEE DETAILS

Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning

Before discussing the Direct Taxes & Indirect Taxes in India, let us first understand what is the meaning of tax. What is a Tax?A tax may be defined as a “pecuniary burden laid upon individuals or property owners to support the government, a payment exacted by legislative authority. In simple words, the tax is nothing but money that people have to pay to the government, which is used to provide public services.Taxes are broadly classified into 2  Types-1. Direct Taxes 2. Indirect taxesWhat is Direct Taxes?A direct tax is a kind of charge,SEE DETAILS

Invalid ITR V
Income Tax e-Filing, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning, Income Tax Refund, Income Tax Updates, Latest News

Filed your return before the due date but forgot to verify before the expiry of time limit? Then in such case, your ITR has become an invalid ITR and now you would have to file the ITR again. Surprised? Yes, you heard it right. Now, you need to file your ITR as a belated return. Don’t know why? Let’s get the insight into the matter :What is Verification of ITR?Verification of ITR means to authenticate the ITR. In simple words, the Income-tax department asks you to verify the ITR so that itSEE DETAILS

Track Status
Guides, Income Tax e-Filing, Income Tax Help, Income Tax Learning, Income Tax Updates, Latest News

Contents How to Apply For a New/Duplicate PAN Card? Why it is important to know your PAN card application status? What is the process to Track your PAN Card application status? Frequently Asked Questions (FAQs) On PAN Card Status  Applied for a New or a Duplicate PAN Card? But, it has been a long time since you heard from the department about it? Worried? Relax, you can easily track your PAN Card application status online through various modes. In this post, Tax2win will make you learn the procedure to checkSEE DETAILS

Change in PAN
Blogs, Income Tax Help, Income Tax Updates

PAN Card or commonly known as Permanent Account Number is a very important document for undertaking financial transactions. For e.g., if you want to trade in share market then to open a Demat Account, quoting PAN is mandatory.Hence any change or amendment in PAN rules is sure to watch out for. Recently, CBDT introduced some new provisions regarding the applicability of PAN Card. What? You don’t know about them? Chillax! No worries when we are here for you my dear amigo.Let’s understand the amendments in a simple, and easy manner.WantSEE DETAILS